LC Spólka Akcyjna (APL.WA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+1313.7%

PLN 15.41

vs PLN 1.09 price

Levered DCF

-PLN 14.86

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.46

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	2.97×	2.8×	8.27×	0.31×	54.46×	-3.61×	-0.55×	-1.29×
P/B	0.33×	0.39×	0.42×	0.57×	-0.28×	-0.33×	-0.12×	-0.13×
P/S	0.22×	0.33×	0.39×	0.32×	0.2×	0.28×	0.12×	0.14×
EV / EBITDA	2.66×	1.95×	9.51×	0.3×	0.87×	-2.49×	-1.27×	-1.57×
Gross margin	36.9%	33.0%	18.5%	15.6%	20.3%	22.1%	26.5%	30.6%
Operating margin	9.3%	14.9%	3.6%	103.0%	5.6%	3.2%	8.3%	7.8%
Net margin	7.4%	11.9%	4.6%	102.6%	0.4%	-7.6%	-6.7%	-11.0%
Current ratio	7.7×	7.26×	5.52×	2.75×	0.57×	0.54×	0.55×	0.54×
Debt / equity	0.12×	0.15×	0.19×	0×	0×	0×	0×	0×
Interest coverage	9.46×	10.06×	3.65×	0×	0.66×	0.3×	0.55×	0.4×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.2%	13.8%	4.9%	184.0%	-0.5%	8.9%	6.9%	10.2%
Return on invested capital	10.1%	11.9%	2.8%	181.7%	-1.9%	-3.8%	-8.8%	-7.4%
Return on assets	9.1%	10.7%	3.4%	124.9%	0.2%	-4.3%	-3.0%	-4.4%
Free cash flow yield	-23.8%	-54.3%	-30.8%	-74.3%	45.4%	30.3%	157.3%	173.5%
Earnings yield	33.6%	35.9%	11.8%	322.2%	1.8%	-27.0%	-56.4%	-77.3%
Enterprise value	PLN 4M	PLN 3.1M	PLN 3.2M	PLN 3.7M	PLN 272.1K	PLN 1.1M	-PLN 843K	-PLN 872.8K
Net debt / EBITDA	0.6×	-0.06×	0.75×	-0.01×	-4.93×	2.57×	-2.36×	-2.86×
Cash conversion cycle (days)	397	442	385	225	82	-530	-821	-1,020